MLC has recently announced a number of upgrades and enhancements to their life and income protection insurance products. With five attractive new features including a 12 month life insurance buy back option, these improvements are seen as the fulfilment of a commitment by MLC in October 2011 to regularly upgrade their offers.
The new enhancements to MLC’s income protection and life insurance offers include double benefits which give customers the opportunity to restore their life insurance benefit after a Total and Permanent Disability (TPD) claim. They have also added type 1 diabetes cover and made available income protection platinum inside super as well as raising the limit for coverage to up to age 70. These improvements can benefit customers by allowing increased access to insurance protection for some people who may have been unable to obtain cover previously.
The promise by MLC to regularly upgrade their products and systems is aimed at improving efficiency and reducing turnaround times for new business and claims processing. These improvements can benefit both customers and financial advisors by allowing a less stressful and faster overall process for everyone.
According to Duncan West, executive general manager of MLC, the large number of improvements the company has already set in place has seen a 70% reduction in new business turnaround times. MLC aims to continue upgrading regularly and focus on the efficient paying of claims while being sensitive to the needs of their customers.